"The current recovery has been driven almost entirely by the upper crust, according to Mr. Fazzari and Mr. Cynamon. Since 2009, the year the recession ended, inflation-adjusted spending by this top echelon has risen 17 percent, compared with just 1 percent among the bottom 95 percent."

People these days fear inflation. In this Wall Street Journal op-ed, Amity Shlaes examines President Franklin D. Roosevelt’s move away from the gold standard in 1933 and the implications of the end of the “gold clause” as an inflation hedge.

2015 Annual Report

Learn more about CFR’s mission and its work over the past year in the 2015 Annual Report. The Annual Report spotlights new initiatives, high-profile events, and authoritative scholarship from CFR experts, and includes a message from CFR President Richard N. Haass.Read and download »